The difference between a money transfer and a balance transfer, what it means to be in negative equity and what APR stands for also feature in the list of confusing terms.
A spokesperson for Virgin Money said: “Our personal finances are one of the most important things we deal with in our lives and it is easy to be overwhelmed by all the money-related jargon we regularly encounter. And one quarter said they didn’t understand capital gains tax while 15 per cent didn’t know the difference between a direct debit and a standing order.
And half of respondents also weren't sure what a ‘balloon payment’ – the optional final payment at the end of a finance agreement - was. As a result of the lack of knowledge, 44 per cent of those polled via OnePoll wished it was simpler to ask their bank questions about finances and money.